December 13, 2011
For its 2012 development, Kyiv-based Industrial Milk Company plans to invest US$72 million, said Oleh Todchuk, deputy director general for development of the holding.
Todchuk noted that US$22 million will be own funds of the company, the other US$50 million will be attracted either in form of a loan or as funds from bond issue.
The funds will be channelled for expansion of land bank of the company, for construction of new grain elevators and terminals for keeping potatoes, and also for acquisition of farm machinery.
He said the company did not intend to change its business model.
The company will pay most of its attention to conventional crops such as corn, winter wheat, sunflowers, and other crops.
Todchuk also said that 78% share of income is obtained by the Industrial Milk Company from production of crops, 18% from milk production and 3% from keeping of grain.
Industrial Milk Company finished the July-September period with a consolidated net profit of US$2.950 million.
Industrial Milk Company's revenue rose 27.8% or US$0.826 million to US$3.792 million in the third quarter of 2011 against the same period of 2010.
In April, Industrial Milk Company S.A. (Luxemburg), the managing company of Industrial Milk Company, raised PLN80.730 million (US$29.699 million) from floatation of 24% of its shares on the Warsaw Stock Exchange.
Industrial Milk Company engages in production of grain, fodder, and oilseeds, as well as milk, meat, flour, and grain mixtures.